Ithaca partners up to reduce costs

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Ithaca Energy yesterday said that it had entered into farm-out agreements with energy giants Edison and Shell to mitigate the costs of drilling a North Sea well. The Aim-listed firm has reduced its share of the forecast costs of the Handcross exploration well to six per cent, while retaining a 45 per cent working interest. “The monetisation of the UK exploration portfolio has far exceeded our expectations in terms of levels of expenditure carry,” said CEO Iain McKendrick.